PROFIT AND LOSS STATEMENT FOURTH QUARTER MARCH 2016

Transcription

1 P RO F I T A ND LO S S S TATEME N T F O U R T H Q U A R T E R PROFIT AND LOSS STATEMENT FOURTH QUARTER 2015 MARCH 2016

2 OUR COMPANY VISION: To be the world leader in the Berries category. MISSION: Berries for the world, every day. BUSINESS MODEL: Through strategic alliances, we join the best in the Southern Hemisphere with the best in the Northern Hemisphere, in trade platforms and own brands, integrating all aspects of the business form genetics to the final customer. We supply the best customers in the main global markets. 2

3 TABLE OF CONTENTS 1. Summary of accumulated Consolidated Results between January and December Relevant Facts 5 3. Consolidated Integral Income Statement - IFRS 6 4. Analysis of Consolidated Integral Income Statement 7 5. Analysis of the Results of the Season Information per Business Segment Financial and Profitability Ratios Consolidated Financial Statements - IFRS 22 a) Consolidated Statement of Financial Position - Assets 22 3 b) Consolidated Statement of Financial Position Liabilities and Equity 23 c) Consolidated Integral Income Statement 24 d) Consolidated Statement of Changes in Net Equity 25 e) Consolidated Cash Flow Statement 26

4 1. SUMMARY OF ACCUMULATED CONSOLIDATED RESULTS BETWEEN JANUARY AND DECEMBER During 2015, Hortifrut s Sales Income reached KUS$349,054, representing a 4.0% expansion compared to the income in 2014, this is the result of a 5.1% growth in the distributed volume. Average income per kilo decreased 1.0%. 2. Income from the sale of fresh blueberries, raspberries, blackberries and strawberries represented 92% of consolidated income during 2015, decreasing its participation by one percent in relation to what was recorded in the same period in Also, income from the sale of value added products represented 8% of consolidated income as of the same date. 3. EBITDA was KUS$ 45,764 between January and December 2015, experiencing a 4.4% improvement compared to what was recorded in the same period of The EBITDA margin remained unchanged in the analyzed period, at 13.1% of total income, the same occurred with the EBITDA margin per kilo which remained at US$ Also, sales costs recorded an increase in absolute terms, but a decrease in unit terms, from US$ 6.63 per kilo for the 12 months of 2014 to US$ 6.54 per kilo for The Operating Result was KUS$ 34,305 during the January-December 2015 period, increasing 3.5% compared to what was recorded in At the same time, the operating margin decreased slightly from 9.9% in 2014 to 9.8% in Gains attributable to the Parent Company increased 12.6% between 2014 and 2015, reaching KUS$ 19,876, amount equal to 5.7% of Hortifrut s income, increasing in relation to the 5.3% margin obtained in Corresponds to the sum of Operating income plus Other income, per function, excluding the increase in value to fair value of biological assets.

5 2. RELEVANT FACTS Between December 31, 2015 and the date of issuance of these financial statements, no fundamental elements or other events have occurred that could significantly affect the interpretations of these. 5

6 3. CONSOLIDATED INTEGRAL INCOME STATEMENT IFRS 6

7 4. ANALYSIS OF CONSOLIDATED INCOME STATEMENT OPERATING RESULT Hortifrut S.A. and Subsidiaries Consolidated Sales reached KUS$ 349,054 during all of 2015, recording a 4.0% expansion in relation to In the case of Blueberries, there was a 2.0% increase in sales to KUS$ 248,966 between January and December This increase in sales is explained by a 3.0% fall in average income per kilo, effect which was offset by the 5.2% increase in distributed volume. Raspberries experienced a 4.9% increase in sales income to KUS$ 24,894, explained by a 10.9% increase in volume, while the average income per kilo decreased 5.5% between 2014 and The Blackberries segment recorded a 12.3% increase in distributed volume, slightly compensated by a 4.1% decrease in average income per kilo, so sales income increased 7.7% to KUS$ 29,600. In relation to Strawberries, sales experienced a 5.3% decrease during This fall is explained by an 8.7% deterioration in average income per kilo. The distributed volume increased 3.7%, reaching 3,840 tons. 7 Cherries recorded a KUS$ 3,169 sales income during the January-December 2015 period, compared with the KUS$ 831 sold during the same period in This growth in income is explained by a 338.8% increase in kilos, which offsets the 13.1% decrease in average income per kilo. Value Added Products recorded sales income equal to KUS$ 27,630 in 2015, increasing 18.0% in relation to income recorded in This variation is explained by a 26.9% increase in average income per kilo. Volume decreased 7.0%. The following charts and table summarize the make up of Operating Income and its variations in the analyzed period:

8 Income per Segment Jan14-Dec14 Raspberries 7% Blackberries 8% Strawberries 5% Value Added Products 7% Income per Segment Jan15-Dic15 Raspberries 7% Blackberries 8% Strawberries 4% Cherries 1% Value Added Products 8% Blueberries 73% Blueberries 71% During January-December 2015, the KU$S 45,764 EBITDA experienced a 4.4% increase compared to what was recorded during the same period of Blueberries recorded an Operating Result of KUS$ 26,667 between January and December 2015, increasing 7.1% in relation to the same period in The operating margin increased from 10.2% to 10.7% of sales. The Raspberries segment had an Operating Result of KUS$ 2,675 during 2015, increasing 152.5% in relation to the KUS$ 1,059 recorded in The Operating Result of Blackberries decreased 61.7% to KUS$ 853, amount which is equal to 2.9% of the sales income generated by this fruit. Strawberries recorded a negative Operating Result equal to KUS$ 1,155 between January and December 2015, compared with a negative result of KUS$ 1,380 in The Cherries segment recorded an Operating Result of KUS$ 341 during the 12 months of 2015, an improvement compared to the KUS$ 171 recorded during the same period of Value Added Products show an Operating Result of KUS$ 4,924 between January and December 2015, a decrease from the Operating Result of KUS$ 5,764 a year before.

9 NON OPERATING RESULT Non Operating Result reached a profit of KUS$ 5,273 during 2015, compared with a KUS$ 2 loss in Profit under Non Operating Result recorded during the January-December 2015 period is mainly explained by two factors: i) An increase in the valuation of biological assets to Fair Value, and ii) profit from the acknowledging of results in associated companies of KUS$ 6,088, compared with a profit of KUS$ 675 between January and December 2014, mainly due to the result of the Peruvian company Hortifrut Tal S.A.C. On the other hand, a loss due to exchange rate fluctuations has been observed, equal to KUS$ 5,333, increasing 60% in relation to the loss in 2014, as a result of the appreciation of the dollar in relation to other currencies where the Company maintains monetary positions. Net financial expenses recorded a 15% decrease to KUS$ 3,285 in The company s net financial debt increased from KUS$ 111,316 in December 2014 to KUS$ 137,465 to the closing of the 2015 period, variation which is explained by the financing of the Company s investment plan and by the financing of work capital required for the greater volume of operations. Net financial debt over Total Equity increased from 0.57 in December 2014 to 0.67 in December Between January and December 2015, the Company invested KUS$ 30,018, mainly in the maintenance of existing fields and new plantations, as well as infrastructure and the increase in the interest in subsidiaries. This represents a 28% increase compared to investments during Debt (KUSD) Cash (KUSD

10 INVESTMENTS JAN-DEC 2015 KUSD 30,018 PROFIT AND EBITDA Profit which can be attributed to the Parent Company, obtained between January and December 2015, increased 12.6% in relation to the result observed in the same period of 2014, reaching KUS$ 19,876, while the net margin was 5.7% of sales income, increasing 0.4 percent in relation to the margin obtained during the same period of EBITDA reached KUS$ 45,764 in 2015, and the EBITDA margin remained unchanged to the closing of 2015 compared to the closing of 2014, at 13.1% of sales. All the segments, except for blackberries and value added products, contributed to the 4.4% increase in EBITDA in the January-December period between 2014 and 2015.

11 5. ANALYSIS OF THE RESULTS OF THE If we consider the 6 months between July 2015 and December 2015, Hortifrut recorded an EBITDA of KUS$ 11,432 during the first six months of the season, resulting lower that the KUS$ 15,475 EBITDA observed in the same period of the season. Between the first half of the season and the same period of the season, Sales Income increased 2.1% reaching KUS$ 135,203, this is mainly due to a 2.3% fall in volume related with raspberries, strawberries and value added products. Average income per kilo increased 4.5% due to the aforementioned segments, this is associated with the lower volume available in the market in general Corresponds to the sum of Operating income plus Other income, per function, excluding the increase in value to fair value of biological assets.

12 Separating the effect of income associated with business different to fruit sales, as is the sale of plants, income from royalties and income from the providing of services, among others, the average price of the mix of products increased 8.8% from US$ 8.81 between July 2014 and December 2014 to US$ 9.86 between July 2015 and December 2015, as a result of the increase in the price of all the segments, except for blackberries. Specifically, the average price of blueberries recorded a 9.2% increase to US$13.32, raspberries increased 6.7% to US$ 8.01, strawberries 17.3% to US$ 4.73 and value added products increased 10.5% to US$ Also, the price of blackberries decreased from US$ 6.27 the first 6 months of the season to US$ 6.19 the current season, representing a 1.2% fall. Sales Costs increased 5.6% during the first half of the season compared with the same period in the previous season, increasing its proportion in relation to Sales Income by 2.7 percent to 81.4%. Administration and Sales Expenses recorded an increase in absolute terms and in relation to their interests in sales income, increasing from 9.6% in the Jul14-Dec14 period to 10.1% in the Jul15-Dec15 period. The following table shows the volume distributed by segment during the first six months of the season, compared with the same period in the season: This volume does not consider kilos processed for third parties.

13 6. INFORMATION PER BUSINESS SEGMENT BLUEBERRIES Income Statement per Comparative Calendar Year Jan14/Dec14 Jan15/Dec15 Income Statement per Comparative Season Jul14/Dec14 Jul15/Dec15 13 Evolution of Sales Volume and Prices

14 6. INFORMATION PER BUSINESS SEGMENT RASPBERRIES Income Statement per Comparative Calendar Year Jan14/Dec14 Jan15/Dec15 Income Statement per Comparative Season Jul14/Dec14 Jul15/Dec15 14 Evolution of Sales Volume and Prices

15 6. INFORMATION PER BUSINESS SEGMENT BLACKBERRIES Income Statement per Comparative Calendar Year Jan14/Dec14 Jan15/Dec15 Income Statement per Comparative Season Jul14/Dec14 Jul15/Dec15 15 Evolution of Sales Volume and Prices

16 6. INFORMATION PER BUSINESS SEGMENT STRAWBERRIES Income Statement per Comparative Calendar Year Jan14/Dec14 Jan15/Dec15 Income Statement per Comparative Season Jul14/Dec14 Jul15/Dec15 16 Evolution of Sales Volume and Prices

17 6. INFORMATION PER BUSINESS SEGMENT CHERRIES Income Statement per Comparative Calendar Year Jan14/Dec14 Jan15/Dec15 Income Statement per Comparative Season Jul14/Dec14 Jul15/Dec15 17 Evolution of Sales Volume and Prices

18 6. INFORMATION PER BUSINESS SEGMENT VALUE ADDED PRODUCTS Income Statement per Comparative Calendar Year Jan14/Dec14 Jan15/Dec15 Income Statement per Comparative Season Jul14/Dec14 Jul15/Dec15 18 Evolution of Sales Volume and Prices 4. This volume does not consider kilos processed for third parties.

19 6. INFORMATION PER BUSINESS SEGMENT PLANTED HECTARES VARIATION Non productive hectares are those hectares that are planted, but that do not yet have the capacity to produce fruit.

20 7. FINANCIAL AND PROFITABILITY RATIOS LIQUIDITY RATIOS DEBT RATIOS 20

21 7. FINANCIAL AND PROFITABILITY RATIOS PROFITABILITY RATIOS ACTIVITY RATIOS 21

22 8. CONSOLIDATED FINANCIAL STATEMENTS - IFRS CONSOLIDATED STATEMENT OF FINANCIAL POSITION - ASSETS 22

23 8. CONSOLIDATED FINANCIAL STATEMENTS - IFRS CONSOLIDATED STATEMENT OF FINANCIAL POSITION LIABILITIES AND EQUITY 23

24 8. CONSOLIDATED FINANCIAL STATEMENTS - IFRS CONSOLIDATED INTEGRAL INCOME STATEMENT 24

25 8. CONSOLIDATED FINANCIAL STATEMENTS - IFRS CONSOLIDATED STATEMENT OF CHANGES IN NET EQUITY 25

26 8. CONSOLIDATED FINANCIAL STATEMENTS - IFRS CONSOLIDATED CASH FLOW STATEMENT 26